Vietnam government have no rescue plans for property market

The National Assembly’s Economic Committee in Vietnam recently revealed that it would not offer any further assistance to the country’s property market. “It is wrong for enterprises to think that the government will rescue them. With such high rates of bad debts, we can’t rescue the real estate sector even if we wanted to,” said Nguyen Van Giau, committee chairman.
Further government action might encourage reckless business. The real estate sector made up 19.25 percent of all banking bad debts as of September 2012, according to statistics published by the State Bank of Vietnam. This generated difficulties for Vietnam’s construction sectors according to a report released last week by the Committee………………………………………..Full Article: Source